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Solved

Distributions from pensions, annuities, retirement or profit-sharing plans

Forum|Forum|11 months ago
April 9, 2025
1 reply
0 views

I am 60 years old. I took $121,441.49 (total distribution) from my 401K. They withheld $24,288.30 in taxes. I made $184,871.82 and they withheld $33,147.46 in taxes. Now that I am filling, they claim I have to pay $15,5K if I file jointly, or $16.3K if I file individually. My spouse already file individually. Why do I have to pay additional 15K in taxes? I thought the 24K I had already paid for the distribution would cover all taxes. We are in MD.

Ask the Experts - Tax Due - April 2025

Best answer by MinhT1

No, you aren't paying taxes twice.

Tax withheld is just an estimated advance payment of your taxes. The final tax amount can only be determined when you fill out your tax return. The taxes withheld serve as a credit against your tax liability. If too much tax was withheld, you'll receive a refund; otherwise, there'll be a tax due.

MinhT1Answer

No, you aren't paying taxes twice.

Tax withheld is just an estimated advance payment of your taxes. The final tax amount can only be determined when you fill out your tax return. The taxes withheld serve as a credit against your tax liability. If too much tax was withheld, you'll receive a refund; otherwise, there'll be a tax due.

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BenzPGAuthor

Thank you very much for your assistance.